$ELAN
Elanco Animal Health Inc

2020 Q4 Form 10-Q Financial Statement

#000173910420000023 Filed on November 06, 2020

View on sec.gov

Income Statement

Concept 2020 Q4 2020 Q3 2019 Q3
Revenue $1.140B $890.0M $771.3M
YoY Change 44.82% 15.39% 1.34%
Cost Of Revenue $596.2M $442.0M $360.4M
YoY Change 45.38% 22.64% -2.54%
Gross Profit $543.5M $448.0M $410.9M
YoY Change 44.2% 9.03% 5.01%
Gross Profit Margin 47.69% 50.34% 53.27%
Selling, General & Admin $374.1M $278.0M $192.3M
YoY Change 101.24% 44.57% 7.43%
% of Gross Profit 68.83% 62.05% 46.8%
Research & Development $112.7M $88.00M $69.90M
YoY Change 67.46% 25.89% 18.68%
% of Gross Profit 20.74% 19.64% 17.01%
Depreciation & Amortization $222.2M $132.3M $78.70M
YoY Change 166.43% 68.11% 8.25%
% of Gross Profit 40.88% 29.53% 19.15%
Operating Expenses $486.8M $366.0M $262.2M
YoY Change 92.26% 39.59% 10.21%
Operating Profit $56.70M $82.00M $148.7M
YoY Change -54.16% -44.86% -3.06%
Interest Expense $60.40M $48.00M $18.70M
YoY Change 222.99% 156.68% 117.44%
% of Operating Profit 106.53% 58.54% 12.58%
Other Income/Expense, Net $16.60M $115.0M -$14.60M
YoY Change -363.49% -887.67% 197.96%
Pretax Income -$318.1M -$209.0M -$12.50M
YoY Change 7297.67% 1572.0% -115.86%
Income Tax $4.700M -$74.00M -$22.50M
% Of Pretax Income
Net Earnings -$322.8M -$135.0M $10.00M
YoY Change 3297.89% -1450.0% -83.39%
Net Earnings / Revenue -28.32% -15.17% 1.3%
Basic Earnings Per Share -$0.29 $0.03
Diluted Earnings Per Share -$664.1K -$0.29 $0.03
COMMON SHARES
Basic Shares Outstanding 471.9M shares 462.4M shares 371.6M shares
Diluted Shares Outstanding 462.4M shares 373.2M shares

Balance Sheet

Concept 2020 Q4 2020 Q3 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $495.0M $660.0M $309.0M
YoY Change 48.2% 113.59% 3.0%
Cash & Equivalents $495.0M $660.0M $309.2M
Short-Term Investments
Other Short-Term Assets $267.0M $192.0M $109.0M
YoY Change 172.45% 76.15% -85.62%
Inventory $1.578B $1.597B $1.069B
Prepaid Expenses
Receivables $872.0M $762.3M $758.3M
Other Receivables $205.0M $70.80M $65.10M
Total Short-Term Assets $3.417B $3.281B $2.310B
YoY Change 43.99% 42.03% -14.55%
LONG-TERM ASSETS
Property, Plant & Equipment $1.316B $1.243B $911.7M
YoY Change 37.76% 36.28% 0.26%
Goodwill $6.225B $6.435B $2.946B
YoY Change 108.22% 118.39% -0.75%
Intangibles $6.387B $5.786B $2.435B
YoY Change 157.25% 137.6% -3.17%
Long-Term Investments $24.00M $21.70M $17.90M
YoY Change 27.66% 21.23% 19.33%
Other Assets $348.0M $492.8M $220.2M
YoY Change 88.11% 123.8% 120.2%
Total Long-Term Assets $14.28B $13.96B $6.513B
YoY Change 115.89% 114.26% 0.08%
TOTAL ASSETS
Total Short-Term Assets $3.417B $3.281B $2.310B
Total Long-Term Assets $14.28B $13.96B $6.513B
Total Assets $17.69B $17.24B $8.824B
YoY Change 96.9% 95.35% -4.21%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $501.0M $355.9M $206.1M
YoY Change 125.07% 72.68% 1.68%
Accrued Expenses $181.0M $140.0M $113.0M
YoY Change 47.15% 23.89% 39.51%
Deferred Revenue $295.0M $278.6M $182.2M
YoY Change 39.81% 52.91% 23.19%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $555.0M $553.6M $24.50M
YoY Change 2165.31% 2159.59%
Total Short-Term Liabilities $2.077B $1.871B $741.5M
YoY Change 153.76% 152.35% -40.46%
LONG-TERM LIABILITIES
Long-Term Debt $5.572B $5.587B $2.336B
YoY Change 139.09% 139.19% -5.77%
Other Long-Term Liabilities $322.0M $312.9M $96.40M
YoY Change 202.06% 224.59% 7.71%
Total Long-Term Liabilities $5.894B $5.899B $2.432B
YoY Change 141.84% 142.57% -5.3%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.077B $1.871B $741.5M
Total Long-Term Liabilities $5.894B $5.899B $2.432B
Total Liabilities $9.217B $8.893B $3.336B
YoY Change 168.02% 166.57% -18.12%
SHAREHOLDERS EQUITY
Retained Earnings -$477.0M -$154.4M $93.80M
YoY Change -665.84% -264.61%
Common Stock $0.00 $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $8.476B $8.344B $5.488B
YoY Change
Total Liabilities & Shareholders Equity $17.69B $17.24B $8.824B
YoY Change 96.9% 95.35% -4.21%

Cashflow Statement

Concept 2020 Q4 2020 Q3 2019 Q3
OPERATING ACTIVITIES
Net Income -$322.8M -$135.0M $10.00M
YoY Change 3297.89% -1450.0% -83.39%
Depreciation, Depletion And Amortization $222.2M $132.3M $78.70M
YoY Change 166.43% 68.11% 8.25%
Cash From Operating Activities -$92.90M -$111.7M $39.60M
YoY Change -173.56% -382.07% -75.84%
INVESTING ACTIVITIES
Capital Expenditures -$146.9M -$104.4M -$34.20M
YoY Change 31.87% 205.26% 92.13%
Acquisitions
YoY Change
Other Investing Activities $73.60M -$4.593B -$48.80M
YoY Change 98.38% 9310.86% 1255.56%
Cash From Investing Activities -$73.30M -$4.697B -$83.00M
YoY Change -1.35% 5558.92% 287.85%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -18.30M 4.068B -48.80M
YoY Change 195.16% -8436.68% -110.82%
NET CHANGE
Cash From Operating Activities -92.90M -111.7M 39.60M
Cash From Investing Activities -73.30M -4.697B -83.00M
Cash From Financing Activities -18.30M 4.068B -48.80M
Net Change In Cash -184.5M -740.3M -92.20M
YoY Change -502.84% 702.93% -115.54%
FREE CASH FLOW
Cash From Operating Activities -$92.90M -$111.7M $39.60M
Capital Expenditures -$146.9M -$104.4M -$34.20M
Free Cash Flow $54.00M -$7.300M $73.80M
YoY Change -77.28% -109.89% -59.38%

Facts In Submission

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us-gaap Share Based Compensation
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us-gaap Proceeds From Divestiture Of Businesses And Interests In Affiliates
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us-gaap Payments For Proceeds From Other Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Repayments Of Long Term Lines Of Credit
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us-gaap Proceeds From Issuance Of Senior Long Term Debt
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us-gaap Proceeds From Issuance Or Sale Of Equity
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elan Payments Of Separation Related Costs Financing Activities
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us-gaap Basis Of Accounting
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<div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Note 2. Basis of Presentation and Summary of Significant Accounting Policies</span></div><div><span><br/></span></div><div style="text-align:justify;text-indent:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We have prepared the accompanying unaudited condensed consolidated financial statements in accordance with the requirements of Form 10-Q and, therefore, they do not include all information and footnotes necessary for a fair presentation of financial position, results of operations, and cash flows in conformity with accounting principles generally accepted in the United States (GAAP). In our opinion, the financial statements reflect all adjustments (including those that are normal and recurring) that are necessary for a fair presentation of the results of operations for the periods shown. In preparing financial statements in conformity with GAAP, we must make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, expenses, and related disclosures at the date of the financial statements and during the reporting period. Actual results could differ from those estimates. The accounts of all wholly owned and controlled subsidiaries are included in the condensed consolidated financial statements and all intercompany balances and transactions have been eliminated. </span></div><div style="text-align:justify;text-indent:9pt"><span><br/></span></div><div style="text-align:justify;text-indent:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%">Certain reclassifications have been made to prior periods in the condensed consolidated financial statements and accompanying notes to conform with current presentation.</span></div><div style="text-align:justify;text-indent:9pt"><span><br/></span></div><div style="text-align:justify;text-indent:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The information included in this Quarterly Report on Form 10-Q should be read in conjunction with our consolidated and combined financial statements and accompanying notes for the year ended December 31, 2019 included in our Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) on February 28, 2020.</span></div><div style="text-align:justify;text-indent:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%">Our income taxes in 2019 and thereafter reflect the results on a stand-alone basis independent of Lilly, except for the period during which we were included in a combined tax return with Lilly until full separation. The income tax amounts in the financial statements have been calculated based on a separate return methodology and presented as if our operations were separate taxpayers in the respective jurisdictions. We file income tax returns in the U.S. federal jurisdiction and various state, local and non-U.S. jurisdictions. </span></div><div style="text-align:justify;text-indent:9pt"><span><br/></span></div><div style="text-align:justify;text-indent:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%">The significant accounting policies set forth in Note 4 to the consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2019 appropriately represent, in all material respects, the current status of our accounting policies, except as it relates to the adoption of the standards that were effective January 1, 2020 as described in Note 4: Implementation of New Financial Accounting Pronouncements.</span></div>
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us-gaap Prior Period Reclassification Adjustment Description
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Certain reclassifications have been made to prior periods in the condensed consolidated financial statements and accompanying notes to conform with current presentation.
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us-gaap Contract With Customer Liability Increase Decrease For Contract Acquired In Business Combination
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us-gaap Contract With Customer Liability Increase Decrease For Contract Acquired In Business Combination
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us-gaap Contract With Customer Liability Revenue Recognized
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CY2020Q3 us-gaap Goodwill
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us-gaap Business Combination Integration Related Costs
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318500000 USD
us-gaap Business Combination Integration Related Costs
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CY2019Q3 us-gaap Disposal Group Not Discontinued Operation Loss Gain On Write Down
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us-gaap Disposal Group Not Discontinued Operation Loss Gain On Write Down
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CY2019Q3 us-gaap Gain Loss On Disposition Of Assets
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us-gaap Gain Loss On Disposition Of Assets
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us-gaap Gain Loss On Disposition Of Assets
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CY2020Q3 us-gaap Disposal Group Not Discontinued Operation Gain Loss On Disposal
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us-gaap Disposal Group Not Discontinued Operation Gain Loss On Disposal
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us-gaap Restructuring Settlement And Impairment Provisions
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us-gaap Restructuring Settlement And Impairment Provisions
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us-gaap Restructuring Reserve Accrual Adjustment1
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CY2020Q3 us-gaap Restructuring Reserve
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CY2020Q3 us-gaap Inventory Finished Goods
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CY2019Q4 us-gaap Inventory Finished Goods
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402900000 USD
CY2020Q3 us-gaap Inventory Work In Process
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CY2019Q4 us-gaap Inventory Work In Process
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CY2020Q3 us-gaap Inventory Raw Materials And Supplies
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167000000.0 USD
CY2019Q4 us-gaap Inventory Raw Materials And Supplies
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CY2020Q3 us-gaap Inventory Gross
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CY2019Q4 us-gaap Inventory Gross
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CY2020Q3 us-gaap Inventory Lifo Reserve
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CY2019Q4 us-gaap Inventory Lifo Reserve
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CY2020Q3 us-gaap Inventory Net
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CY2019Q4 us-gaap Inventory Net
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CY2020Q1 us-gaap Sale Of Stock Number Of Shares Issued In Transaction
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CY2019Q4 us-gaap Long Term Debt
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553600000 USD
CY2019Q4 us-gaap Long Term Debt Current
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24500000 USD
CY2020Q3 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
5586500000 USD
CY2019Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
2330500000 USD
CY2020Q3 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
16800000 USD
CY2020Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
567600000 USD
CY2020Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
68000000.0 USD
CY2020Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
797500000 USD
CY2020Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
40300000 USD
CY2020Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
39900000 USD
CY2020Q3 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
4711100000 USD
CY2020Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
6241200000 USD
CY2020Q3 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
101100000 USD
CY2020Q3 us-gaap Long Term Debt
LongTermDebt
6140100000 USD
CY2020Q3 us-gaap Deferred Finance Costs Gross
DeferredFinanceCostsGross
90200000 USD
CY2020Q3 us-gaap Debt Instrument Unused Borrowing Capacity Fee
DebtInstrumentUnusedBorrowingCapacityFee
13800000 USD
CY2020Q3 us-gaap Equity Method Investments
EquityMethodInvestments
21700000 USD
CY2019Q4 us-gaap Equity Method Investments
EquityMethodInvestments
18800000 USD
CY2020Q3 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax
-7500000 USD
CY2020Q3 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationTax
-2200000 USD
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax
-67400000 USD
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationTax
-19600000 USD
CY2020Q3 us-gaap Interest Rate Cash Flow Hedge Gain Loss To Be Reclassified During Next12 Months Net
InterestRateCashFlowHedgeGainLossToBeReclassifiedDuringNext12MonthsNet
-28000000.0 USD
CY2020Q2 elan Sale Leaseback Transaction Net Proceeds
SaleLeasebackTransactionNetProceeds
55100000 USD
CY2020Q2 us-gaap Lessor Sales Type Lease Term Of Contract1
LessorSalesTypeLeaseTermOfContract1
P15Y
us-gaap Sale And Leaseback Transaction Gain Loss Net
SaleAndLeasebackTransactionGainLossNet
45600000 USD
us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
27800000 USD
CY2020Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-74000000.0 USD
CY2019Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-22500000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-116600000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-116600000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
5100000 USD
CY2020Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.354
CY2019Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
1.797
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.329
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.062
CY2020Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-74000000.0 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-116600000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-116600000 USD
CY2020Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.354
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.329
CY2019Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-22500000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
5100000 USD
CY2019Q4 us-gaap Litigation Reserve
LitigationReserve
0 USD
CY2020Q3 us-gaap Litigation Reserve
LitigationReserve
0 USD
CY2020Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
889600000 USD
CY2019Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
771300000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2133600000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2284000000.0 USD
CY2020Q3 us-gaap Noncurrent Assets
NoncurrentAssets
1665700000 USD
CY2019Q4 us-gaap Noncurrent Assets
NoncurrentAssets
1147100000 USD
CY2019Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1500000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1000000.0 shares
CY2019Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
100000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
100000 shares
CY2020Q3 us-gaap Restricted Cash Current
RestrictedCashCurrent
10700000 USD

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